供應(yīng)鏈融資優(yōu)化供應(yīng)鏈資金流動(dòng)

1、供給鏈融資優(yōu)化供給鏈資本流動(dòng)供給鏈融資優(yōu)化供給鏈資本流動(dòng)5/5供給鏈融資優(yōu)化供給鏈資本流動(dòng)供給鏈融資：優(yōu)化供給鏈的資本流動(dòng)文件翻譯外文題目：Supplychainfinance:optimizingfinancialflowsinsupplychains出處：Springer-Verlag2009作者：Hans-ChristianPfohl?6?1MoritzGomm原文：Supplychainfinance:optimizingfinancialflowsinsupplychainsAbstractIssuesrelatedtoflowsofgoodsandinformationarefre

2、quentlydiscussedinthelogisticsandSupplyChainManagementliterature.But,onlyfewcontributionsareexploringthefinancialflowsassociatedwithsupplychains.Thisarticlereviewsthestate-of-the-artofresearchregardingfinancialflowsinsupplychains.Indoingso,itbecomesapparentthatanexplicitexaminationandoptimisationoft

3、hecostofcapitalhasbeenmissingsofar.Inordertoclosethisgap,aconceptualframeworkandamathematicalmodelofSupplyChainFinanceisproposed.1.SupplychainfinanceresearchgapSupplychainmanagement(SCM)isappliedintodaysbusinessworldtooptimisetheflowsofgoods,information,andthefinancialflowswithinandbetweencompaniesb

4、yfunctionalandcross-companyintegration.1Inthepast,academicpapersregardingSCMmainlydealtwiththedesignandoptimisationoftheflowsofgoodsandinformation.Thefinancialflowsbetweencompaniesofthesupplychain,however,wereoftenneglectedandhaveonlyrecentlyfoundgreaterattentionintheacademicSCMliterature.Thispapera

5、nalysestheroleoffinancialflowsinsupplychainsandtheimpactSCMcanhaveonoptimisingsuchflowsintermsofcapitalcost.AframeworkforthefinancialaspectsofSCMisdeveloped.Furthermore,amathematicalmodelisproposedtoexplainfinancingactivitiesacrosssupplychains,whicharereferredtoassupplychainfinancing(SCF).Thebasicid

6、eaofthemodelisthatsupplychaininformationcanbeusedtodecreaseinvestmentrisksandthuscapitalcostsoffinancingprojectswithinsupplychains.First,inthispaper,supplychainflowsareanalysed,andtheroleoffinancialaspectsarediscussedonthebasisofapreliminaryreviewofrelatedliterature.Itisshownthatthecostofcapitalinsu

7、pplychainshasbeenmostlyneglectedsofar.Thefollowingpartofthediscussion(Sect.3)proposesasupplychainfinanceframework.Itcoverstheobjects,actors,andleversofsupplychainfinancing.Finally,inpart4,amathematicalmodelisdevelopedtobetterunderstandtowhatextentfinancialSCMcancontributeindecreasingthecapitalcosts.

8、Thepapercloseswithadiscussionoftheresults.2.LiteraturereviewonfinancialflowsinSCMSupplychainmanagementisaninterdisciplinarymanagementconceptwhichisbasedontheideaofholisticoptimisationofthevariousflowsconstitutingasupplychain.Therearenumeroussuggestionsaboutthekindsandlevelsofflowstobeconsideredinthe

9、literature.Pfohldistinguishesbetweenflowsofinformation,rights,goodsandfinancialflows.Croometal.differentiatebetweengoods,financialresources,humanresources,information,knowledge,andtechnologiesaselementsofexchange.Cooperetal.includetheflowsofmaterial,goods,andinformationinonedirection,andreverseflows

10、ofinformationandfinancialresources.Mentzeretal.considerproducts,services,information,financialresources,informationaboutdemand,andforecastsassupplychainflows.WithrespecttotherangeofactivitiescoveredinSCM,thelogisticschannelaswellasthemarketingchannelareusuallyconsidered,i.e.thechannelofinteractionof

11、acompanywithitssourcesofsupplyandsalesmarkets.Forthepurposesofthisdiscussion,therelevantfabricofflowsissummedupunderthenotionsoftheflowofgoods,theflowofinformation,andthefinancialflow,asshowninFig.1.ReviewingtheacademiccontributionsonSCMregardingtheoptimisationoffinancialflows,againanumberofdifferen

12、tapproachesarefound.Pfohletal.denominatetheflowoffinancialresourcesasthefinancialsupplychainandlocatethelatterattheinterfacebetweenthefieldsoflogisticsandfinance.TheyexaminethemanagementofthenetcurrentassetsasanimportantissuewithinthescopeofSCM.Beyondtheoptimisationoftheflowofgoodswithafocusonthephy

13、sicalreductioninstocks,theyanalysetheinstrumentsofcashmanagement.Asprimaryleversformanagement,theyconsideroptimaltimingofactivities,thecontrolofreceivables,liabilities,andadvancepayments.Moreover,theoptimisationandsupportoftheinventoryandcashmanagementsaredescribedwithinthescopeofprocessmanagement.S

14、temmlerandSeuringwereamongstthefirstauthorstousethetermsupplychainfinance.Theyspeakofthecontrolandoptimisationoffinancialflowsinducedbylogistics.Logisticallyinducedfinancialprocessescompriseinventorymanagement,thehandlingofthelogisticallyinducedfinancialflowsaswellasthesupportingprocesseswithanimmed

15、iatereferencetologisticsas,forexample,theinsurancemanagementforstocks.AnotherapproachtotheoptimisationoffinancialflowswithinsupplychainsislogisticsfinancingasdefinedbyStenzel:theactivemarketingoffinancialservicesinadditiontologisticsservicesbylogisticsserviceproviders.Thisopensupanotherfieldofcompet

16、enceforlogisticsserviceproviderswithinthescopeoffinancinglogisticsstructures.Inthiscontext,SteinmullerexaminespossibilitiestofinancelogisticsrealestateandFeinenparticularlydealswiththeleasingoflogisticsrealestates.ThetermFinancialChainManagement(FCM),whichisalsousedinthecontextoffinancialflowresearc

17、h,hastobeseenincontrasttothetermsupplychainfinance.TheformerhasparticularlycometobeknowninliteratureandpracticeinconnectiontosoftwareproductsbySAPAGandisdefinedasthesumofthefinancialflowsinandacrosscompanies.TheprocessesthathavetobemanagedbytheFCMarethusreducedtotheprocessingstepsofthebusinessinitia

18、tionandbusinesstransactionprocesses.FCMissupposedtooptimizecross-companyfinancialprocessesusingcollaborativeandautomatictransactionsbetweensuppliers,customersaswellasfinancialandlogisticsserviceproviders.Consequently,adecisiveroleisattributedtoinformationandcommunicationtechnology,sothatmainlytheflo

19、wsofinformationordocumentsareaffected.AcommongroundforthecontributionsintheliteratureisthefocusonthefinancialimpactofSCMuponthevaluechainintermsofinventory,process,andcashmanagementorbymeansofsynchronisationandcollaboration.Thesevariablesaffectthefreecashflowofeachcompanyinvolvedbyincreasedsalesorde

20、creasedcostsaswellasthecostofcapitalbyreducedassets.TheexplicitconsiderationoftheinfluenceofSCMmeasuresonthecapitalcostrate,however,hasbeenlackingsofar(cf.Fig.2).Consideringthegrowingimportanceofvalueorientationinmanagement,thisismethodicallyaswellaspracticallycriticalsincethecapitalcostsaredetermin

21、edbytheassetstobefinancedandthecapitalcostrate.Thisrevealsagapinresearch,whichthispapertargetsat:howcanSCMcontributetodecreasethecapitalcostsintermsofthecapitalcostrate.Thefollowingpartoftheargumentexaminehowthesupplychainofacompanycancontributetomorecosteffectivefinancing.Inter-companyfinancingwith

22、inthesupplychainiscalledsupplychainfinanceandisdefinedhereas:Supplychainfinance(SCF)istheinter-companyoptimisationoffinancingaswellastheintegrationoffinancingprocesseswithcustomers,suppliers,andserviceprovidersinordertoincreasethevalueofallparticipatingcompanies.ThetaskofSCFistosavecapitalcostbymean

23、sofbettermutualadjustmentorcompletelynewfinancingconceptswithinthesupplychaineventuallyincombinationwithachangedroleortasksharing.Inordertosubstantiatethisterm,aconceptualframeworkwillbedevelopedinthefollowing.3AconceptualframeworkofsupplychainfinanceInordertoconceptualisethetermsupplychainfinance,i

24、thastobeexaminedwhichassets(objects)withinasupplychainareactuallyfinancedbywhom(actors)andonwhatterms(levers).Thesethreedimensionsadduptotheframeworkofthesupplychainfinance譯文：供給鏈融資：優(yōu)化供給鏈的資本流動(dòng)綱領(lǐng)有關(guān)貨物和信息流的問題常常在物流與供給鏈管理的文件中討論?？墒?，只有少量的貢獻(xiàn)在研究與供給鏈有關(guān)的資本流動(dòng)。本文回首了國家的最初進(jìn)的研究對于供給鏈的資本流動(dòng)。這樣做，很顯然，一個(gè)明確的審察和資本成本優(yōu)化已經(jīng)消逝。為

25、了填補(bǔ)這一缺點(diǎn)，提出了供給鏈金融見解框架數(shù)學(xué)模型。供給鏈金融的研究空白本文分析了資本流動(dòng)在供給鏈中的作用和供給鏈管理可以優(yōu)化在成本方面的資本流動(dòng)影響等。供給鏈管理在財(cái)務(wù)方面框架已經(jīng)成立。其余，提出認(rèn)識(shí)釋整個(gè)供給鏈的數(shù)學(xué)模型，這一模型被稱為波及融資活動(dòng)的供給鏈融資（SCF）。該模型的基本思想是，供給鏈的信息能夠用來降低在供給鏈投資風(fēng)險(xiǎn)以及融資項(xiàng)目的資本成本。第一，本文對供給鏈的流動(dòng)進(jìn)行認(rèn)識(shí)析，金融方面的作用是對有關(guān)文件的初步審察的基礎(chǔ)進(jìn)步行討論。它表示，在供給鏈的資本成本已大多被忽略（第3部分進(jìn)行討論），并從而提出了供給鏈融資框架。它涵蓋了供給鏈的主體客體以及融資杠桿。最后，在第四部分討論數(shù)學(xué)模

26、型，以便更好地理解什么程度的供給鏈管理能夠有助于降低資本成本。最后本文將得出近似的結(jié)論。對于資本流動(dòng)在供給鏈管理文件綜述供給鏈管理是一個(gè)跨學(xué)科的管理見解，它的思想基礎(chǔ)是對構(gòu)成供給鏈的各個(gè)流程全面優(yōu)化。有大批的流動(dòng)水平方面的文件。大概有種類，并在文件中被以為是流動(dòng)的水平提出了很多建議。Pfohl劃分了信息，權(quán)益，貨物和資本流動(dòng)的差別?？唆斈穭澐至素浳?，資本，人力資源，信息，知識(shí)和作為互換元素的技術(shù)之間的差別。Cooperet則劃分了包含在一個(gè)方向和信息資料，商品流，以及信息和資本反向流動(dòng)。Mentzer等人把產(chǎn)品，服務(wù)，信息，資本，有關(guān)需求信息，和展望定義為供給鏈流程。對于活動(dòng)的范圍在供給鏈管理

27、，物流通道以及營銷渠道平常被以為是，即對企業(yè)的互動(dòng)與供給和銷售市場覆蓋其根源渠道。供給鏈管理活動(dòng)的范圍，物流通道以及營銷渠道平常被以為是，換句話說是對企業(yè)的互動(dòng)與供給和銷售市場覆蓋其根源渠道。為了討論便利將在Fig.1，總結(jié)有關(guān)的織物下的貨物流，信息流，資本流的見解?；厥讓τ诠┙o鏈管理方面的文件將發(fā)現(xiàn)不一樣樣的優(yōu)化資本流動(dòng)方式。Pfohl等命名資根源流動(dòng)為供給鏈金融并找到之間在物流和金融等領(lǐng)域的接口后者。找到了連結(jié)物流和金融領(lǐng)域之間的接口。他們把凈流動(dòng)財(cái)產(chǎn)的管理作為在供給鏈管理范圍內(nèi)的重要課題。除了把要點(diǎn)放在商品與股市上的物理減少流程優(yōu)化問題，他們還分析了現(xiàn)金管理的工具。至于管理的主要杠桿，他們以為最正確活動(dòng)是應(yīng)收賬款，欠債和預(yù)支款的控制。存貨及現(xiàn)金管理的優(yōu)化和支持在人員介紹過程管理的范圍內(nèi)